Retail or consumer bankers help people manage their money and provide expert guidance, financial products, and services. They look after facilitating the movements of funds, organising loans, overdraft facilities, etc.
Getting into the retail banking sector takes a lot of hard work and expert guidance. We will tell you everything about the role and process if you aim to become a retail banker.
What Is A Retail Banker?
Retail bankers work in customer service/hybrid finance. They help people manage their finances in a better way. In addition, they look after your branch’s day-to-day operations and strategic management.
As a retail bank manager, you must make strategies to manage the branch. Their task is to attract new customers and increase the sale of financial products. Plus, they also manage the team.
Retail Banker Requirements
When you opt for a career in retail banking, you need certain requirements. Below is a listicle you need to meet to get this job.
- Work experience of over 3 years as a retail banker or any similar post.
- Good practical experience with MS Office and banking software.
- Need to have a better experience and understanding of retail banking procedures.
- Degree in BA or BSc in accounting, business administration, or other relevant areas.
- Experience in the aspect of customer service or sales.
- Must have a command of problem-solving and communication skills.
- Exposure to customer service
Responsibilities Of A Retail Banker
When you enrol as a retail banker, your work will vary according to your post and experience level. Apart from that, most experienced retail bankers get to deal with a broad role that includes some or all of the following responsibilities:
- Manage, recruit and supervise the staff members.
- Help customers get away with their complex requests and queries. It may include the assessment of their financial circumstances.
- Look after the timely opening and closing of the branch and ensure the premises are apt for business.
- Handle the implementation of new processes, products, and services.
- Ensure that your branch meets all the sales targets and tracks budgets.
- Representing the bank in front of the broader community and building contacts to enhance the reputation of the bank
- Maintaining the financial and statistical records and jotting down the reports of the bank
Role Of Junior-Level Retail Bankers
Retail banks offer jobs to experienced people and junior-level positions for freshers. You might encounter any of these responsibilities if you join the retail banking sector as a junior-level banker.
- Get done with the paperwork, including accounts closure and change of customer details.
- Helping customers with their queries face to face, via telephone, or by writing
- Ensuring smooth procedures of payments and withdrawals
- Making sales and guiding customers to indulge in suitable products and services
- Remaining updates for the latest products, services, and processes.
Having years of experience and ample knowledge of the retail banking sector, IPB can prepare you for the banking sector. The teachers over there help you gain all the knowledge about the retail banking procedure.
Most of the positions in retail banking ask for a graduate degree. However, these are available for all graduates. You don’t need a finance-related degree to be considered for banking posts.
Retail banks need a 2:2-degree category or above, while some also need at least a 2:1. Even though there is no need for a specific subject, getting your graduate degree in the following can do wonders.
- Accounting and Finance
- Business Management/Business Studies
- Banking and Finance
If you don’t have a degree, you can join a bank in an entry-level customer service role. In addition to that, you can also work up to the management level via in-house management courses. Some of these programs are of very small duration.
Apart from that, candidates can also opt for apprenticeships in retail banks. They will gain work experience along with their study and also a stipend. The banks provide apprenticeships for a wide array of levels along with degree levels.
Skills Required For Retail Banker
You must have a few skills to give customers a great experience at your branch. These skills will help you give the customers a better view of the products and services. Below is a listicle of the skills you need to outshine in the sector.
- Having strong problem-solving skills
- Confidence and capacity to sell products
- Exceptional customer service skills
- IT skills
- Ability and flexibility to mend with the changes in the short and long term
- Commercial awareness
- Analytical aptitude
- Verbal/written communication knowledge
- Ability to become sensitive to people during the tough financial situations
- Numerical skills
- Know team working skills
- Interpersonal skills
- A better grasp of management and leadership skills
The expert team of IPB works to help aspirants get along with these skills. Their PGCRB course ensures the candidates can be perfect for the retail banking sector. They pave the way for the laborious candidates wishing to enrol in the retail banking sector.
Summing It Up
As a booming industry, retail banking can provide you with enormous opportunities for your career. Whether you are looking for junior-level jobs or experienced positions, you can opt for them. We already gave you an insight into the job and its role.
Institute of Professional Banking will get you set to enter the retail banking industry. Get along with their 90-day PGCRB course; this can be the best way to reach your goal.